Few things can spur a stock sell-off quite like rumblings that the president of the United States is going after a company.
For proof: look no further than Amazon, which continues to feel the impact of its contentious relationship with President Donald Trump.
A report by Axios today suggesting the chief of state is “obsessed” with Amazon and mulling ideas to “go after” the e-giant with various tax and antitrust laws has sent the company’s shares tumbling. After shedding more than $50 billion, or 7 percent, in early-morning trading, Amazon’s stock remained down more than 3 percent to $1,442 as of 12:15 p.m. ET.
Trump’s disdain for Amazon has been heavily documented during the past year; he’s taken to Twitter several times to target the e-tail behemoth.
The Axios report suggests that Trump’s latest qualm has to do with Amazon’s tax treatment and his alleged concerns that the firm will drive more mom-and-pop retailers and brick-and-mortar players out of business.
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Those supposed fears echo what the president said on Twitter in August 2017: “Amazon is doing great damage to tax paying retailers. Towns, cities and states throughout the U.S. are being hurt — many jobs being lost!”
Amazon is doing great damage to tax paying retailers. Towns, cities and states throughout the U.S. are being hurt – many jobs being lost!
— Donald J. Trump (@realDonaldTrump) August 16, 2017
While it was unclear whether Trump was referring to Amazon’s collection of sales tax or its payment of taxes to the government, Amazon’s shares took a dip on the heels of that post, too.
Trump also took aim at Amazon in July 2017 when he tweeted: “Fake News Washington Post being used as a lobbyist weapon against Congress to keep politicians from looking into Amazon no-tax monopoly?”
And before 2017 was over, Trump had taken one more shot at Amazon — tweeting in December: “Why is the United States Post Office, which is losing many billions of dollars a year, while charging Amazon and others so little to deliver their packages, making Amazon richer and the Post Office dumber and poorer? Should be charging MUCH MORE!”
Why is the United States Post Office, which is losing many billions of dollars a year, while charging Amazon and others so little to deliver their packages, making Amazon richer and the Post Office dumber and poorer? Should be charging MUCH MORE!
— Donald J. Trump (@realDonaldTrump) December 29, 2017
